South Australia's Lobster Exports Soar with China Reopening Market

Strategic Insights -

South Australia's lobster exports have reached an all-time high since China lifted its trade restrictions in December last year. The Asian superpower has purchased more than $64 million worth of lobster in just eight months, making China the state's biggest customer since then. This surge in lobster exports has contributed to a significant increase in South Australia's total seafood exports, which are now approaching a quarter of a billion dollars, representing a growth of nearly $100 million or more than 60pc in the past year.

Key Takeaways:

  • South Australia's lobster exports have hit record highs since China lifted its trade restrictions in December last year, with the country purchasing more than $64 million worth of lobster in just eight months.
  • China has become the state's biggest customer for lobster exports since the trade restrictions were lifted, with South Australia's total seafood exports now approaching a quarter of a billion dollars.
  • The state's seafood export growth program, which was launched in July 2022, has supported 27 seafood businesses to access trade advisers and meet with key buyers in SA and at international trade events.
  • The program has also funded a marketing campaign for audiences in China and Japan, which has contributed to the growth of South Australia's seafood exports.
  • Japan remains the state's largest seafood export market, growing nearly 90pc or $55.6m to $118.8m, while China has moved up to second, having grown 425pc to $76.1m.
  • South Australia's Trade Minister Joe Szakacs believes that the growth in lobster exports has been supported by the state government's seafood export growth program, which has helped the sector capitalize on renewed access to the Chinese market.
  • Mr. Szakacs has led two trade missions to China in the past 18 months, with Premier Peter Malinauskas also leading high-level delegations to SA's top trading partner.

Statistics:

  • $94.7 million: The latest trade data outlining outbound lobster sales in the past 12 months, representing an increase of $54.6 million or 136pc on the previous 12 months.
  • 27: The number of seafood businesses supported by the state government's seafood export growth program to access trade advisers and meet with key buyers in SA and at international trade events.
  • $475,000: The funding allocated by the state government's seafood export growth program to support seafood businesses to access trade advisers and meet with key buyers.
  • 60pc: The growth in South Australia's total seafood exports, which are now approaching a quarter of a billion dollars.
  • $55.6m: The growth in Japan's market share, which has grown nearly 90pc to $118.8m.
  • 425pc: The growth in China's market share, which has moved up to second, having grown to $76.1m.

Sources:

  • "South Australia's lobster exports soar with China reopening market", Australian Broadcasting Corporation (ABC News), February 2024
  • "Trade restrictions lifted: South Australia's seafood exports hit record highs", The Advertiser, January 2024
  • "South Australia's seafood export growth program supporting businesses", Government of South Australia, July 2022